CORRECTING and REPLACING CPI Card Group Inc. Reports Third Quarter 2024 Results
CPI Card Group (PMTS) reported strong Q3 2024 results with net sales increasing 18% to $124.8 million, driven by growth in both Debit and Credit (19%) and Prepaid (13%) segments. While net income decreased 66% to $1.3 million due to debt refinancing costs, Adjusted EBITDA rose 18% to $25.1 million.
The company updated its 2024 outlook, projecting mid-to-high single-digit net sales growth and low single-digit Adjusted EBITDA growth. Notable achievements include selling over 100 million eco-focused cards and maintaining leadership in SaaS-based instant issuance solutions with 16,000+ Card@Once® installations.
CPI Card Group (PMTS) ha riportato risultati forti per il terzo trimestre del 2024, con vendite nette in aumento del 18%, raggiungendo i 124,8 milioni di dollari, grazie alla crescita nei segmenti di Debito e Credito (19%) e Prepagato (13%). Sebbene il reddito netto sia diminuito del 66%, attestandosi a 1,3 milioni di dollari a causa dei costi di rifinanziamento del debito, l'EBITDA rettificato è aumentato del 18%, arrivando a 25,1 milioni di dollari.
L'azienda ha aggiornato le sue previsioni per il 2024, prevedendo una crescita delle vendite nette a cifre singole medie-alte e una crescita dell'EBITDA rettificato a cifre singole basse. Tra i risultati significativi c'è la vendita di oltre 100 milioni di carte ecologiche e il mantenimento della leadership nelle soluzioni di emissione istantanea basate su SaaS, con oltre 16.000 installazioni di Card@Once®.
CPI Card Group (PMTS) reportó resultados sólidos para el tercer trimestre de 2024, con ventas netas aumentando un 18%, alcanzando los 124.8 millones de dólares, impulsadas por el crecimiento en los segmentos de Débito y Crédito (19%) y Prepagado (13%). Aunque el ingreso neto disminuyó un 66% a 1.3 millones de dólares debido a los costos de refinanciación de deuda, el EBITDA ajustado aumentó un 18% a 25.1 millones de dólares.
La empresa actualizó su perspectiva para 2024, proyectando un crecimiento de ventas netas de dígitos sencillos medianos a altos y un crecimiento del EBITDA ajustado de dígitos sencillos bajos. Entre los logros notables se incluye la venta de más de 100 millones de tarjetas enfocadas en lo ecológico y el mantenimiento del liderazgo en soluciones de emisión instantánea basadas en SaaS con más de 16,000 instalaciones de Card@Once®.
CPI 카드 그룹 (PMTS)는 2024년 3분기 강력한 실적을 보고하며, 순매출이 18% 증가하여 1억 2,480만 달러에 도달했습니다. 이는 직불 및 신용(19%)과 선불(13%) 부문의 성장이 주도했습니다. 하지만 순이익은 부채 재융자 비용으로 인해 66% 감소하여 130만 달러에 그쳤고, 조정 EBITDA는 18% 증가하여 2,510만 달러에 도달했습니다.
회사는 2024년 전망을 업데이트하며, 중간-높은 단일 자릿수의 순매출 성장과 낮은 단일 자릿수의 조정 EBITDA 성장을 예측하고 있습니다. 주목할 만한 성과로는 1억 장 이상의 친환경 카드를 판매했으며, 16,000개 이상의 Card@Once® 설치를 통해 SaaS 기반의 즉각 발급 솔루션에서 리더십을 유지하고 있다는 점이 있습니다.
CPI Card Group (PMTS) a rapporté de bons résultats pour le troisième trimestre de 2024, avec des ventes nettes en hausse de 18 %, atteignant 124,8 millions de dollars, grâce à la croissance dans les segments Débit et Crédit (19 %) et Prépayé (13 %). Bien que le revenu net ait diminué de 66 % pour atteindre 1,3 million de dollars en raison des coûts de refinancement de la dette, l'EBITDA ajusté a augmenté de 18 % pour atteindre 25,1 millions de dollars.
L'entreprise a mis à jour ses perspectives pour 2024, prévoyant une croissance des ventes nettes à un chiffre unique moyen à élevé et une croissance de l'EBITDA ajusté à un chiffre unique bas. Parmi les réalisations notables, on trouve la vente de plus de 100 millions de cartes écologiques et le maintien de la position de leader dans les solutions d'émission instantanée basées sur SaaS avec plus de 16 000 installations de Card@Once®.
CPI Card Group (PMTS) hat starke Ergebnisse für das dritte Quartal 2024 berichtet, mit einem Anstieg des Nettoumsatzes um 18% auf 124,8 Millionen Dollar, was auf das Wachstum in den Bereichen Debit und Kredit (19%) sowie Prepaid (13%) zurückzuführen ist. Während der Nettogewinn aufgrund der Kosten für die Schuldenumstrukturierung um 66% auf 1,3 Millionen Dollar gesunken ist, stieg das bereinigte EBITDA um 18% auf 25,1 Millionen Dollar.
Das Unternehmen hat seine Prognose für 2024 aktualisiert und erwartet ein mittleres bis hohes einstelliges Wachstum beim Nettoumsatz und ein niedriges einstelliges Wachstum beim bereinigten EBITDA. Zu den bemerkenswerten Erfolgen gehört der Verkauf von über 100 Millionen umweltfreundlichen Karten sowie die Aufrechterhaltung der Führungsposition im Bereich der SaaS-basierten Sofortausgabelösungen mit über 16.000 Installationen von Card@Once®.
- None.
- None.
Net Sales Increased
Growth Across Portfolio, Led by Strong Sales of Debit and Credit Cards
Net Income Decreased
Full Year Adjusted EBITDA and Free Cash Flow Outlooks Increased
The updated release reads:
CPI CARD GROUP INC. REPORTS THIRD QUARTER 2024 RESULTS
Net Sales Increased
Growth Across Portfolio, Led by Strong Sales of Debit and Credit Cards
Net Income Decreased
Full Year Adjusted EBITDA and Free Cash Flow Outlooks Increased
CPI Card Group Inc. (Nasdaq: PMTS) (“CPI” or the “Company”), a payments technology company providing a comprehensive range of payment card and digital solutions, including Software-as-a-Service-based instant issuance, today reported financial results for the third quarter ended September 30, 2024 and updated its financial outlook for 2024.
Third quarter net sales increased
Sales performance in the quarter was driven by strong growth in debit and credit card sales, as well as continued growth from Prepaid, instant issuance solutions and other card personalization services. Product sales increased
“We are very pleased to deliver strong growth in the quarter, including
Lowe added, “We are advancing CPI’s growth strategies and continue to offer our customers additional products and services as we gain more traction with our digital solutions and in adjacent markets.”
The Company updated its financial outlook for 2024, increasing its full-year expectations for net sales to mid-to-high single-digit growth and for Adjusted EBITDA to low single-digit growth. The previous outlook was a mid-single digit net sales increase and a slight increase in Adjusted EBITDA. The Company also increased its Free Cash Flow outlook for the year.
CPI is a top payment solutions provider in the
The Company believes long-term growth trends for the
2024 Business Highlights
- CPI continues to be a leading provider of eco-focused payment card solutions in the U.S. market, with more than 100 million eco-focused debit and credit cards sold since launch.
-
CPI continues to be a leading provider of Software-as-a-Service-based instant issuance solutions in the
U.S. , with more than 16,000 Card@Once® installations across more than 2,000 financial institutions. - The Company continued to advance its market expansion strategies, adding new digital solutions offerings for its customers including push provisioning capabilities for mobile wallets.
-
The Company executed
of share repurchases through the third quarter of 2024.$9 million -
CPI completed a debt refinancing in the third quarter, issuing
aggregate principal amount of$285 million 10.000% Senior Secured Notes due 2029 and entering into a new ABL revolving credit facility, while redeeming the$75 million aggregate principal amount of$268 million 8.625% Senior Secured Notes due 2026. -
The Company completed a secondary offering of 1.38 million shares of common stock sold by its majority stockholder group, reducing the stockholder group’s ownership position from
56% of shares outstanding to43% .
Third Quarter 2024 Financial Highlights
Net sales increased
-
Debit and Credit segment net sales increased
19% to , driven by strong contactless card sales led by eco-focused cards, as well as continued growth in Card@Once® instant issuance solutions and other card personalization services.$99.8 million -
Prepaid Debit segment net sales increased
13% to , reflecting strong sales to existing customers.$25.2 million
Third quarter gross profit increased
Third quarter income from operations increased
Year-to-date 2024 Financial Highlights
Net sales increased
-
Debit and Credit segment net sales increased
2% to , driven by increased sales of contactless cards, led by eco-focused cards, and growth in Card@Once® instant issuance solutions and other card personalization services, partially offset by lower sales of other cards.$283.3 million -
Prepaid Debit segment net sales increased
16% to , reflecting strong sales to existing customers.$73.2 million
Year-to-date gross profit increased
Year-to-date income from operations decreased
Balance Sheet, Liquidity and Cash Flow
The Company generated cash from operating activities of
As of September 30, 2024, cash and cash equivalents was
In the third quarter, the Company completed a refinancing of its debt, issuing
Also in the third quarter, the Company spent
The Company continues to focus its capital structure and allocation priorities on investing in the business, including strategic acquisitions; deleveraging the balance sheet; and returning funds to stockholders.
On September 30th, the Company announced a secondary public offering of shares of its common stock to be sold by its majority stockholder group. The 1.38 million share offering closed on October 2, 2024. The Company did not offer any shares of common stock in the offering and did not receive any proceeds from the sale of common stock by the selling stockholders.
“We delivered strong third quarter sales and profit growth, while continuing to invest in our expansion strategies,” said Jeff Hochstadt, Chief Financial Officer of CPI. “We also effectively extended maturities on our debt and completed a secondary offering of common stock, which should benefit trading liquidity over time.”
Outlook for 2024
The Company updated its outlook for 2024 to mid-to-high single-digit net sales growth and low single-digit Adjusted EBITDA growth. The prior outlook was a mid-single digit net sales increase and a slight increase in Adjusted EBITDA. The increase in the net sales outlook was driven by strength across CPI’s portfolio.
The Free Cash Flow outlook was updated to be slightly below the 2023 level, compared to the previous outlook of approximately half of the 2023 level, primarily due to working capital improvements, lower expected capital spending, and a lower tax rate relative to the previous outlook.
The Company now expects its year-end 2024 Net Leverage Ratio to be similar to the 2023 year-end level, compared to a previous outlook of between 3.0x and 3.5x.
Conference Call and Webcast
CPI Card Group Inc. will hold a conference call on November 5, 2024 at 9:00 a.m. Eastern Time (ET) to review its third quarter results. To participate in the Company's conference call via telephone or online:
International: 646-960-0677
Conference ID: 8062733
Webcast Link: CPI Card Group Q3 Webcast or at https://investor.cpicardgroup.com
Participants are advised to login for the webcast 10 minutes prior to the scheduled start time.
A replay of the conference call will be available until November 19, 2024 at:
International: 609-800-9909
Conference ID: 8062733
A webcast replay of the conference call will also be available on CPI Card Group Inc.’s Investor Relations website: https://investor.cpicardgroup.com
Non-GAAP Financial Measures
In addition to financial results reported in accordance with
Adjusted EBITDA
Adjusted EBITDA is presented on a continuing operations basis and is defined as EBITDA (which represents earnings before interest, taxes, depreciation and amortization) adjusted for litigation; stock-based compensation expense; estimated sales tax expense; restructuring and other charges, including executive retention and severance; costs related to production facility modernization efforts; loss on debt extinguishment; foreign currency gain or loss; and other items that are unusual in nature, infrequently occurring or not considered part of our core operations, as set forth in the reconciliation in Exhibit E. Adjusted EBITDA is intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors, excluding non-operational, unusual or non-recurring losses or gains. Adjusted EBITDA has important limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for, analysis of our results as reported under GAAP. For example, Adjusted EBITDA does not reflect: (a) our capital expenditures, future requirements for capital expenditures or contractual commitments; (b) changes in, or cash requirements for, our working capital needs; (c) the significant interest expenses or the cash requirements necessary to service interest or principal payments on our debt; (d) tax payments that represent a reduction in cash available to us; (e) any cash requirements for the assets being depreciated and amortized that may have to be replaced in the future; (f) the impact of earnings or charges resulting from matters that we and the lenders under our credit agreement may not consider indicative of our ongoing operations; or (g) the impact of any discontinued operations. In particular, our definition of Adjusted EBITDA allows us to add back certain non-operating, unusual or non-recurring charges that are deducted in calculating net income, even though these are expenses that may recur, vary greatly and are difficult to predict and can represent the effect of long-term strategies as opposed to short-term results. In addition, certain of these expenses represent the reduction of cash that could be used for other purposes. Adjusted EBITDA margin percentage as shown in Exhibit E is computed as Adjusted EBITDA divided by total net sales.
We define LTM Adjusted EBITDA as Adjusted EBITDA (defined previously) for the last twelve months. LTM Adjusted EBITDA is used in the computation of Net Leverage Ratio, and is reconciled in Exhibit E.
Free Cash Flow
We define Free Cash Flow as cash flow provided by (used in) operating activities less capital expenditures. We use this metric in analyzing our ability to service and repay our debt. However, this measure does not represent funds available for investment or other discretionary uses since it does not deduct cash used to make principal payments on outstanding debt and financing lease liabilities. Free Cash Flow should not be considered in isolation, or as a substitute for, cash (used in) provided by operating activities or any other measures of liquidity derived in accordance with GAAP.
Financial Expectations for 2024
We have provided Adjusted EBITDA expectations for 2024 on a non-GAAP basis because certain reconciling items are dependent on future events that either cannot be controlled or cannot be reliably predicted because they are not part of the Company’s routine activities, any of which could be significant.
Net Leverage Ratio
Management and various investors use the ratio of debt principal outstanding, plus finance lease obligations, less cash, divided by LTM Adjusted EBITDA, or “Net Leverage Ratio”, as a measure of our financial strength when making key investment decisions and evaluating us against peers.
About CPI Card Group Inc.
CPI Card Group is a payments technology company providing a comprehensive range of payment card and digital solutions, including Software-as-a-Service-based instant issuance. With a focus on building personal relationships and earning trust, we help our customers navigate the constantly evolving world of payments, while delivering innovative solutions that spark connections and support their brands. We serve clients across industry, size, and scale through our team of experienced, dedicated employees and our network of high-security production and card services facilities, all located in
Forward-Looking Statements
Certain statements and information in this release (as well as information included in other written or oral statements we make from time to time) may contain or constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The words “believe,” “estimate,” “project,” “expect,” “anticipate,” “affirm,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “continue,” “committed,” “attempt,” “aim,” “target,” “objective,” “guides,” “seek,” “focus,” “provides guidance,” “provides outlook” or other similar expressions are intended to identify forward-looking statements, which are not historical in nature. These forward-looking statements, including statements about our strategic initiatives and market opportunities, are based on our current expectations and beliefs concerning future developments and their potential effect on us and other information currently available. Such forward-looking statements, because they relate to future events, are by their very nature subject to many important risks and uncertainties that could cause actual results or other events to differ materially from those contemplated.
These risks and uncertainties include, but are not limited to: a deterioration in general economic conditions, including inflationary conditions and resulting in reduced consumer confidence and business spending, and a decline in consumer credit worthiness impacting demand for our products; the unpredictability of our operating results, including an inability to anticipate changes in customer inventory management practices and its impact on our business; a disruption or other failure in our supply chain, including as a result of foreign conflicts and with respect to single source suppliers, or the failure or inability of suppliers to comply with our code of conduct or contractual requirements, or political unrest in countries in which our suppliers operate, or inflationary pressures, resulting in increased costs and inability to pass those costs on to our customers and extended production lead times and difficulty meeting customers’ delivery expectations; our failure to retain our existing customers or identify and attract new customers; our inability to recruit, retain and develop qualified personnel, including key personnel, and implement effective succession processes; adverse conditions in the banking system and financial markets, including the failure of banks and financial institutions; system security risks, data protection breaches and cyber-attacks; interruptions in our operations, including our information technology systems, or in the operations of the third parties that operate computing infrastructure on which we rely; our inability to develop, introduce and commercialize new products and services; the usage, or lack thereof, of artificial intelligence technologies; our substantial indebtedness, including inability to make debt service payments or refinance such indebtedness; the restrictive terms of our indebtedness and covenants of future agreements governing indebtedness and the resulting restraints on our ability to pursue our business strategies; our status as an accelerated filer and complying with the Sarbanes-Oxley Act of 2002 and the costs associated with such compliance and implementation of procedures thereunder; our failure to maintain effective internal control over financial reporting; disruptions in production at one or more of our facilities; problems in production quality, materials and process and costs relating to product defects and any related product liability and/or warranty claims; environmental, social and governance (“ESG”) preferences and demands of various stakeholders and our ability to conform to such preferences and demands and to comply with any related regulatory requirements; the effects of climate change, negative perceptions of our products due to the impact of our products and production processes on the environment and other ESG-related risks; damage to our reputation or brand image; disruptions in production due to weather conditions, climate change, political instability or social unrest; our inability to adequately protect our trade secrets and intellectual property rights from misappropriation, infringement claims brought against us and risks related to open source software; defects in our software and computing systems; our limited ability to raise capital; costs and impacts to our financial results relating to the obligatory collection of sales tax and claims for uncollected sales tax in states that impose sales tax collection requirements on out-of-state businesses or unclaimed property, as well as potential new
We caution and advise readers not to place undue reliance on forward-looking statements, which speak only as of the date hereof. These statements are based on assumptions that may not be realized and involve risks and uncertainties that could cause actual results or other events to differ materially from the expectations and beliefs contained herein. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
For more information:
CPI encourages investors to use its investor relations website as a way of easily finding information about the Company. CPI promptly makes available on this website the reports that the Company files or furnishes with the SEC, corporate governance information and press releases.
CPI Card Group Inc. Earnings Release Supplemental Financial Information
Exhibit A |
Condensed Consolidated Statements of Operations and Comprehensive Income - Unaudited for the three and nine months ended September 30, 2024 and 2023 |
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Exhibit B |
Condensed Consolidated Balance Sheets – Unaudited as of September 30, 2024 and December 31, 2023 |
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Exhibit C |
Condensed Consolidated Statements of Cash Flows – Unaudited for the nine months ended September 30, 2024 and 2023 |
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Exhibit D |
Segment Summary Information – Unaudited for the three and nine months ended September 30, 2024 and 2023 |
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Exhibit E |
Supplemental GAAP to Non-GAAP Reconciliations – Unaudited for the three and nine months ended September 30, 2024 and 2023 |
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EXHIBIT A |
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CPI Card Group Inc. and Subsidiaries |
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Condensed Consolidated Statements of Operations and Comprehensive Income |
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(in thousands, except share and per share amounts) |
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(Unaudited) |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Net sales: |
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Products |
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$ |
69,648 |
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$ |
55,689 |
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$ |
191,650 |
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$ |
195,425 |
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Services |
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55,103 |
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50,174 |
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163,855 |
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146,250 |
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Total net sales |
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124,751 |
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105,863 |
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355,505 |
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341,675 |
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Cost of sales: |
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Products (exclusive of depreciation and amortization shown below) |
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44,199 |
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37,540 |
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123,894 |
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124,828 |
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Services (exclusive of depreciation and amortization shown below) |
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32,927 |
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29,574 |
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94,599 |
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89,192 |
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Depreciation and amortization |
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2,927 |
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2,597 |
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8,408 |
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7,584 |
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Total cost of sales |
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80,053 |
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69,711 |
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226,901 |
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221,604 |
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Gross profit |
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44,698 |
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36,152 |
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128,604 |
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120,071 |
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Operating expenses: |
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Selling, general and administrative (exclusive of depreciation and amortization shown below) |
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25,674 |
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21,783 |
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77,942 |
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64,734 |
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Depreciation and amortization |
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1,226 |
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1,408 |
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3,810 |
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4,286 |
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Total operating expenses |
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26,900 |
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23,191 |
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81,752 |
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69,020 |
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Income from operations |
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17,798 |
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12,961 |
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46,852 |
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51,051 |
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Other expense, net: |
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Interest, net |
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(13,458 |
) |
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(6,714 |
) |
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(26,413 |
) |
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(20,235 |
) |
Loss on debt extinguishment |
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(2,987 |
) |
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(25 |
) |
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(2,987 |
) |
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(243 |
) |
Other expense, net |
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(534 |
) |
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(28 |
) |
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(677 |
) |
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(2 |
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Total other expense, net |
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(16,979 |
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(6,767 |
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(30,077 |
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(20,480 |
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Income before income taxes |
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819 |
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6,194 |
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16,775 |
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30,571 |
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Income tax benefit (expense) |
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474 |
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(2,337 |
) |
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(4,026 |
) |
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(9,318 |
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Net income |
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$ |
1,293 |
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$ |
3,857 |
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$ |
12,749 |
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$ |
21,253 |
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Basic and diluted earnings per share: |
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Basic earnings per share |
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$ |
0.12 |
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$ |
0.34 |
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$ |
1.14 |
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$ |
1.86 |
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Diluted earnings per share |
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$ |
0.11 |
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$ |
0.33 |
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$ |
1.08 |
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$ |
1.79 |
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Basic weighted-average shares outstanding |
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11,107,126 |
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11,432,794 |
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11,141,264 |
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11,418,372 |
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Diluted weighted-average shares outstanding |
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11,872,783 |
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11,827,816 |
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11,856,404 |
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11,861,868 |
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Comprehensive income: |
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Net income |
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$ |
1,293 |
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$ |
3,857 |
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$ |
12,749 |
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$ |
21,253 |
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Total comprehensive income |
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$ |
1,293 |
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$ |
3,857 |
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$ |
12,749 |
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$ |
21,253 |
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EXHIBIT B |
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CPI Card Group Inc. and Subsidiaries |
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Condensed Consolidated Balance Sheets |
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(in thousands, except share and per share amounts) |
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(Unaudited) |
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||
|
September 30, |
|
December 31, |
||||
|
2024 |
|
2023 |
||||
Assets |
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
||
Cash and cash equivalents |
$ |
14,650 |
|
|
$ |
12,413 |
|
Accounts receivable, net |
|
79,583 |
|
|
|
73,724 |
|
Inventories, net |
|
92,286 |
|
|
|
70,594 |
|
Prepaid expenses and other current assets |
|
12,295 |
|
|
|
8,647 |
|
Total current assets |
|
198,814 |
|
|
|
165,378 |
|
Plant, equipment, leasehold improvements and operating lease right-of-use assets, net |
|
64,073 |
|
|
|
63,053 |
|
Intangible assets, net |
|
11,352 |
|
|
|
14,122 |
|
Goodwill |
|
47,150 |
|
|
|
47,150 |
|
Other assets |
|
20,960 |
|
|
|
3,980 |
|
Total assets |
$ |
342,349 |
|
|
$ |
293,683 |
|
Liabilities and stockholders’ deficit |
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
||
Accounts payable |
$ |
21,538 |
|
|
$ |
12,802 |
|
Accrued expenses |
|
52,107 |
|
|
|
35,803 |
|
Deferred revenue and customer deposits |
|
1,466 |
|
|
|
840 |
|
Total current liabilities |
|
75,111 |
|
|
|
49,445 |
|
Long-term debt |
|
280,152 |
|
|
|
264,997 |
|
Deferred income taxes |
|
5,057 |
|
|
|
7,139 |
|
Other long-term liabilities |
|
24,820 |
|
|
|
24,038 |
|
Total liabilities |
|
385,140 |
|
|
|
345,619 |
|
Commitments and contingencies |
|
|
|
|
|
||
Series A Preferred Stock; |
|
— |
|
|
|
— |
|
Stockholders’ deficit: |
|
|
|
|
|
||
Common stock; |
|
11 |
|
|
|
11 |
|
Capital deficiency |
|
(105,827 |
) |
|
|
(102,223 |
) |
Accumulated earnings |
|
63,025 |
|
|
|
50,276 |
|
Total stockholders’ deficit |
|
(42,791 |
) |
|
|
(51,936 |
) |
Total liabilities and stockholders’ deficit |
$ |
342,349 |
|
|
$ |
293,683 |
|
|
|
|
|
|
|
||
|
|
|
|
|
EXHIBIT C |
||
CPI Card Group Inc. and Subsidiaries |
|||||||
Condensed Consolidated Statements of Cash Flows |
|||||||
(in thousands) |
|||||||
(Unaudited) |
|||||||
|
|
|
|
|
|
||
|
Nine Months Ended September 30, |
||||||
|
2024 |
|
2023 |
||||
Operating activities |
|
|
|
|
|
||
Net income |
$ |
12,749 |
|
|
$ |
21,253 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
||
Depreciation expense |
|
9,448 |
|
|
|
8,970 |
|
Amortization expense |
|
2,770 |
|
|
|
2,900 |
|
Stock-based compensation expense |
|
6,936 |
|
|
|
4,431 |
|
Amortization of debt issuance costs |
|
1,206 |
|
|
|
1,397 |
|
Loss on early extinguishment of debt |
|
8,763 |
|
|
|
243 |
|
Deferred income taxes and other, net |
|
(1,781 |
) |
|
|
956 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
||
Accounts receivable, net |
|
(5,878 |
) |
|
|
12,988 |
|
Inventories |
|
(21,964 |
) |
|
|
(5,806 |
) |
Prepaid expenses and other assets |
|
(19,343 |
) |
|
|
422 |
|
Income taxes, net |
|
(602 |
) |
|
|
(1,616 |
) |
Accounts payable |
|
8,326 |
|
|
|
(7,805 |
) |
Accrued expenses and other liabilities |
|
15,396 |
|
|
|
(13,283 |
) |
Deferred revenue and customer deposits |
|
626 |
|
|
|
(2,784 |
) |
Cash provided by operating activities |
|
16,652 |
|
|
|
22,266 |
|
Investing activities |
|
|
|
|
|
||
Capital expenditures for plant, equipment and leasehold improvements, net |
|
(4,199 |
) |
|
|
(6,076 |
) |
Other |
|
1 |
|
|
|
183 |
|
Cash used in investing activities |
|
(4,198 |
) |
|
|
(5,893 |
) |
Financing activities |
|
|
|
|
|
||
Principal payments on 2026 Senior Notes |
|
(267,897 |
) |
|
|
(16,954 |
) |
Proceeds from 2029 Senior Notes |
|
285,000 |
|
|
|
— |
|
Net proceeds from ABL Revolver |
|
— |
|
|
|
3,000 |
|
Payments on finance lease obligations |
|
(3,688 |
) |
|
|
(2,655 |
) |
Common stock repurchased |
|
(8,678 |
) |
|
|
— |
|
Debt issuance costs |
|
(6,583 |
) |
|
|
— |
|
Payment for debt early redemption premium |
|
(5,776 |
) |
|
|
— |
|
Taxes withheld and paid on stock-based compensation awards |
|
(2,595 |
) |
|
|
(327 |
) |
Cash used in financing activities |
|
(10,217 |
) |
|
|
(16,936 |
) |
Effect of exchange rates on cash |
|
— |
|
|
|
(1 |
) |
Net increase (decrease) in cash and cash equivalents |
|
2,237 |
|
|
|
(564 |
) |
Cash and cash equivalents, beginning of period |
|
12,413 |
|
|
|
11,037 |
|
Cash and cash equivalents, end of period |
$ |
14,650 |
|
|
$ |
10,473 |
|
Supplemental disclosures of cash flow information |
|
|
|
|
|
||
Cash paid (refunded) during the period for: |
|
|
|
|
|
||
Interest |
$ |
25,128 |
|
|
$ |
25,307 |
|
Income taxes paid |
$ |
8,247 |
|
|
$ |
9,994 |
|
Income taxes refunded |
$ |
(409 |
) |
|
$ |
(25 |
) |
Right-of-use assets obtained in exchange for lease obligations: |
|
|
|
|
|
||
Operating leases |
$ |
1,292 |
|
|
$ |
2,641 |
|
Financing leases |
$ |
5,690 |
|
|
$ |
6,989 |
|
Accounts payable and accrued expenses for capital expenditures for plant, equipment and leasehold improvements |
$ |
1,527 |
|
|
$ |
977 |
|
Unsettled share repurchases included in accrued expenses |
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
EXHIBIT D |
|||||||||||||||
CPI Card Group Inc. and Subsidiaries |
|||||||||||||||
Segment Summary Information |
|||||||||||||||
For the Three and Nine Months Ended September 30, 2024 and 2023 |
|||||||||||||||
(dollars in thousands) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Three Months Ended September 30, |
|||||||||||||
|
|
2024 |
|
2023 |
|
$ Change |
|
% Change |
|||||||
Net sales by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Debit and Credit |
|
$ |
99,755 |
|
|
$ |
83,780 |
|
|
$ |
15,975 |
|
19.1 |
% |
|
Prepaid Debit |
|
|
25,173 |
|
|
|
22,335 |
|
|
|
2,838 |
|
|
12.7 |
% |
Eliminations |
|
|
(177 |
) |
|
|
(252 |
) |
|
|
75 |
|
|
* |
% |
Total |
|
$ |
124,751 |
|
|
$ |
105,863 |
|
|
$ |
18,888 |
|
|
17.8 |
% |
* Calculation not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Nine Months Ended September 30, |
|||||||||||||
|
|
2024 |
|
2023 |
|
$ Change |
|
% Change |
|||||||
Net sales by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Debit and Credit |
|
$ |
283,348 |
|
|
$ |
278,959 |
|
|
$ |
4,389 |
|
|
1.6 |
% |
Prepaid Debit |
|
|
73,186 |
|
|
|
63,286 |
|
|
|
9,900 |
|
|
15.6 |
% |
Eliminations |
|
|
(1,029 |
) |
|
|
(570 |
) |
|
|
(459 |
) |
|
* |
% |
Total |
|
$ |
355,505 |
|
|
$ |
341,675 |
|
|
$ |
13,830 |
|
|
4.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross Profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended September 30, |
|
||||||||||||||||
|
|
2024 |
|
% of Net
|
2023 |
|
% of Net
|
$ Change |
|
% Change |
|||||||||
Gross profit by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debit and Credit |
|
$ |
36,131 |
|
|
36.2 |
% |
$ |
28,381 |
|
33.9 |
% |
$ |
7,750 |
|
27.3 |
% |
||
Prepaid Debit |
|
|
8,567 |
|
|
34.0 |
% |
|
7,771 |
|
34.8 |
% |
|
796 |
|
10.2 |
% |
||
Total |
|
$ |
44,698 |
|
|
35.8 |
% |
$ |
36,152 |
|
34.1 |
% |
$ |
8,546 |
|
23.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Nine Months Ended September 30, |
|
||||||||||||||||
|
|
2024 |
|
% of Net
|
2023 |
|
% of Net
|
$ Change |
|
% Change |
|||||||||
Gross profit by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Debit and Credit |
|
$ |
101,790 |
|
|
35.9 |
% |
$ |
99,603 |
|
35.7 |
% |
$ |
2,187 |
|
2.2 |
% |
||
Prepaid Debit |
|
|
26,814 |
|
|
36.6 |
% |
|
20,468 |
|
32.3 |
% |
|
6,346 |
|
31.0 |
% |
||
Total |
|
$ |
128,604 |
|
|
36.2 |
% |
$ |
120,071 |
|
35.1 |
% |
$ |
8,533 |
|
7.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Income from Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Three Months Ended September 30, |
|
||||||||||||||||||
|
|
|
2024 |
|
|
% of Net
|
|
2023 |
|
|
% of Net
|
|
$ Change |
|
% Change |
|||||||
Income (loss) from operations by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Debit and Credit |
|
$ |
27,035 |
|
|
|
27.1 |
% |
$ |
20,791 |
|
|
24.8 |
% |
$ |
6,244 |
|
|
30.0 |
% |
||
Prepaid Debit |
|
|
7,111 |
|
|
|
28.2 |
% |
|
6,631 |
|
|
29.7 |
% |
|
480 |
|
|
7.2 |
% |
||
Other |
|
|
(16,348 |
) |
|
|
* |
% |
|
(14,461 |
) |
|
* |
% |
|
(1,887 |
) |
|
13.0 |
% |
||
Total |
|
$ |
17,798 |
|
|
|
14.3 |
% |
$ |
12,961 |
|
|
12.2 |
% |
$ |
4,837 |
|
|
37.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Nine Months Ended September 30, |
|||||||||||||||||||
|
|
|
2024 |
|
|
% of Net
|
|
2023 |
|
|
% of Net
|
|
$ Change |
|
% Change |
|||||||
Income (loss) from operations by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debit and Credit |
|
$ |
75,178 |
|
|
|
26.5 |
% |
$ |
75,898 |
|
|
27.2 |
% |
$ |
(720 |
) |
|
(0.9 |
)% |
||
Prepaid Debit |
|
|
22,765 |
|
|
|
31.1 |
% |
|
17,936 |
|
|
28.3 |
% |
|
4,829 |
|
|
26.9 |
% |
||
Other |
|
|
(51,091 |
) |
|
|
* |
% |
|
(42,783 |
) |
|
* |
% |
|
(8,308 |
) |
|
19.4 |
% |
||
Total |
|
$ |
46,852 |
|
|
|
13.2 |
% |
$ |
51,051 |
|
|
14.9 |
% |
$ |
(4,199 |
) |
|
(8.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Three Months Ended September 30, |
|
|||||||||||||||||||
|
|
2024 |
|
% of Net
|
2023 |
|
% of Net
|
$ Change |
|
% Change |
||||||||||||
EBITDA by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Debit and Credit |
|
$ |
29,264 |
|
|
|
29.3 |
% |
$ |
23,086 |
|
|
27.6 |
% |
$ |
6,178 |
|
|
26.8 |
% |
||
Prepaid Debit |
|
|
8,171 |
|
|
|
32.5 |
% |
|
7,304 |
|
|
32.7 |
% |
|
867 |
|
|
11.9 |
% |
||
Other |
|
|
(19,005 |
) |
|
|
* |
% |
|
(13,477 |
) |
|
* |
% |
|
(5,528 |
) |
|
41.0 |
% |
||
Total |
|
$ |
18,430 |
|
|
|
14.8 |
% |
$ |
16,913 |
|
|
16.0 |
% |
$ |
1,517 |
|
|
9.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Nine Months Ended September 30, |
||||||||||||||||||||
|
|
2024 |
|
% of Net
|
2023 |
|
% of Net
|
$ Change |
|
% Change |
||||||||||||
EBITDA by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debit and Credit |
|
$ |
81,731 |
|
|
|
28.8 |
% |
$ |
82,733 |
|
|
29.7 |
% |
$ |
(1,002 |
) |
|
(1.2 |
)% |
||
Prepaid Debit |
|
|
25,589 |
|
|
|
35.0 |
% |
|
19,938 |
|
|
31.5 |
% |
|
5,651 |
|
|
28.3 |
% |
||
Other |
|
|
(51,914 |
) |
|
|
* |
% |
|
(39,995 |
) |
|
* |
% |
|
(11,919 |
) |
|
29.8 |
% |
||
Total |
|
$ |
55,406 |
|
|
|
15.6 |
% |
$ |
62,676 |
|
|
18.3 |
% |
$ |
(7,270 |
) |
|
(11.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation of Income (Loss) from |
|
|
|
|
|
|
|
|
|
|
|
||||
Operations by Segment to EBITDA by Segment |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Three Months Ended September 30, 2024 |
||||||||||||||
|
Debit and
|
|
Prepaid
|
|
Other |
|
Total |
||||||||
EBITDA by segment: |
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from operations |
$ |
27,035 |
|
|
$ |
7,111 |
|
|
$ |
(16,348 |
) |
|
$ |
17,798 |
|
Depreciation and amortization |
|
2,198 |
|
|
|
1,061 |
|
|
|
894 |
|
|
|
4,153 |
|
Other income (expenses) |
|
31 |
|
|
|
(1 |
) |
|
|
(3,551 |
) |
|
|
(3,521 |
) |
EBITDA |
$ |
29,264 |
|
|
$ |
8,171 |
|
|
$ |
(19,005 |
) |
|
$ |
18,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Three Months Ended September 30, 2023 |
||||||||||||||
|
Debit and
|
|
Prepaid
|
|
Other |
|
Total |
||||||||
EBITDA by segment: |
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from operations |
$ |
20,791 |
|
|
$ |
6,631 |
|
|
$ |
(14,461 |
) |
|
$ |
12,961 |
|
Depreciation and amortization |
|
2,322 |
|
|
|
675 |
|
|
|
1,008 |
|
|
|
4,005 |
|
Other income (expenses) |
|
(27 |
) |
|
|
(2 |
) |
|
|
(24 |
) |
|
|
(53 |
) |
EBITDA |
$ |
23,086 |
|
|
$ |
7,304 |
|
|
$ |
(13,477 |
) |
|
$ |
16,913 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Nine Months Ended September 30, 2024 |
||||||||||||||
|
Debit and
|
|
Prepaid
|
|
Other |
|
Total |
||||||||
EBITDA by segment: |
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from operations |
$ |
75,178 |
|
|
$ |
22,765 |
|
|
$ |
(51,091 |
) |
|
$ |
46,852 |
|
Depreciation and amortization |
|
6,585 |
|
|
|
2,827 |
|
|
|
2,806 |
|
|
|
12,218 |
|
Other income (expenses) |
|
(32 |
) |
|
|
(3 |
) |
|
|
(3,629 |
) |
|
|
(3,664 |
) |
EBITDA |
$ |
81,731 |
|
|
$ |
25,589 |
|
|
$ |
(51,914 |
) |
|
$ |
55,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Nine Months Ended September 30, 2023 |
||||||||||||||
|
Debit and
|
|
Prepaid
|
|
Other |
|
Total |
||||||||
EBITDA by segment: |
|
|
|
|
|
|
|
|
|
|
|
||||
Income (loss) from operations |
$ |
75,898 |
|
|
$ |
17,936 |
|
|
$ |
(42,783 |
) |
|
$ |
51,051 |
|
Depreciation and amortization |
|
6,836 |
|
|
|
2,003 |
|
|
|
3,031 |
|
|
|
11,870 |
|
Other income (expenses) |
|
(1 |
) |
|
|
(1 |
) |
|
|
(243 |
) |
|
|
(245 |
) |
EBITDA |
$ |
82,733 |
|
|
$ |
19,938 |
|
|
$ |
(39,995 |
) |
|
$ |
62,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT E |
||||
CPI Card Group Inc. and Subsidiaries |
|||||||||||||||
Supplemental GAAP to Non-GAAP Reconciliation |
|||||||||||||||
(dollars in thousands) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
EBITDA and Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
||||
Net income |
$ |
1,293 |
|
|
$ |
3,857 |
|
|
$ |
12,749 |
|
|
$ |
21,253 |
|
Interest, net (1) |
|
13,458 |
|
|
|
6,714 |
|
|
|
26,413 |
|
|
|
20,235 |
|
Income tax (benefit) expense |
|
(474 |
) |
|
|
2,337 |
|
|
|
4,026 |
|
|
|
9,318 |
|
Depreciation and amortization |
|
4,153 |
|
|
|
4,005 |
|
|
|
12,218 |
|
|
|
11,870 |
|
EBITDA |
$ |
18,430 |
|
|
$ |
16,913 |
|
|
$ |
55,406 |
|
|
$ |
62,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjustments to EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
||||
Stock-based compensation expense |
$ |
1,782 |
|
|
$ |
2,600 |
|
|
$ |
6,936 |
|
|
$ |
4,431 |
|
Sales tax expense (2) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
35 |
|
Restructuring and other charges (3) |
|
1,881 |
|
|
|
1,672 |
|
|
|
4,639 |
|
|
|
2,229 |
|
Loss on debt extinguishment (4) |
|
2,987 |
|
|
|
25 |
|
|
|
2,987 |
|
|
|
243 |
|
Foreign currency loss |
|
— |
|
|
|
28 |
|
|
|
— |
|
|
|
2 |
|
Subtotal of adjustments to EBITDA |
$ |
6,650 |
|
|
$ |
4,325 |
|
|
$ |
14,562 |
|
|
$ |
6,940 |
|
Adjusted EBITDA |
$ |
25,080 |
|
|
$ |
21,238 |
|
|
$ |
69,968 |
|
|
$ |
69,616 |
|
Net income margin (% of Net sales) |
|
1.0 |
% |
|
|
3.6 |
% |
|
|
3.6 |
% |
|
|
6.2 |
% |
Net income growth (% Change 2024 vs. 2023) |
|
(66.5 |
)% |
|
|
|
|
|
(40.0 |
)% |
|
|
|
||
Adjusted EBITDA margin (% of Net sales) |
|
20.1 |
% |
|
|
20.1 |
% |
|
|
19.7 |
% |
|
|
20.4 |
% |
Adjusted EBITDA growth (% Change 2024 vs. 2023) |
|
18.1 |
% |
|
|
|
|
|
0.5 |
% |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Free Cash Flow: |
|
|
|
|
|
|
|
|
|
|
|
||||
Cash provided by operating activities |
$ |
12,544 |
|
|
$ |
11,944 |
|
|
$ |
16,652 |
|
|
$ |
22,266 |
|
Capital expenditures for plant, equipment and leasehold improvements, net |
|
(1,455 |
) |
|
|
518 |
|
|
|
(4,199 |
) |
|
|
(6,076 |
) |
Free Cash Flow |
$ |
11,089 |
|
|
$ |
12,462 |
|
|
$ |
12,453 |
|
|
$ |
16,190 |
|
____________________ |
||
(1) |
|
The 2024 balance includes payment of an early redemption premium of |
(2) |
|
Represents estimated sales tax expense (benefit) relating to a contingent liability due to historical activity in certain states where it is probable that the Company will be subject to sales tax plus interest and penalties. |
(3) |
|
Represents executive retention and severance costs, as well as costs related to production facility modernization efforts. The 2024 balance includes expenses to be paid by the Company on behalf of the majority stockholder group that entered into an underwriting agreement for the sale of an aggregate of 1,380,000 shares of CPI common stock to the public. |
(4) |
|
In July 2024, the Company redeemed the entire principal balance of |
|
|
|
|
|
|
||
|
Last Twelve Months Ended |
||||||
|
September 30, |
|
December 31, |
||||
|
2024 |
|
2023 |
||||
Reconciliation of net income to LTM EBITDA and Adjusted EBITDA: |
|
|
|
|
|
||
Net income |
$ |
15,481 |
|
|
$ |
23,985 |
|
Interest, net (1) |
|
33,091 |
|
|
|
26,913 |
|
Income tax expense |
|
5,185 |
|
|
|
10,477 |
|
Depreciation and amortization |
|
16,279 |
|
|
|
15,931 |
|
EBITDA |
$ |
70,036 |
|
|
$ |
77,306 |
|
|
|
|
|
|
|
||
Adjustments to EBITDA: |
|
|
|
|
|
||
Stock-based compensation expense |
$ |
10,012 |
|
|
$ |
7,507 |
|
Sales tax benefit (2) |
|
(105 |
) |
|
|
(70 |
) |
Restructuring and other charges (3) |
|
6,941 |
|
|
|
4,531 |
|
Loss on debt extinguishment (4) |
|
2,987 |
|
|
|
243 |
|
Foreign currency gain |
|
(28 |
) |
|
|
(26 |
) |
Subtotal of adjustments to EBITDA |
$ |
19,807 |
|
|
$ |
12,185 |
|
LTM Adjusted EBITDA |
$ |
89,843 |
|
|
$ |
89,491 |
|
|
|
|
|
|
|
||
|
As of |
||||||
|
September 30, |
|
December 31, |
||||
|
2024 |
|
2023 |
||||
Calculation of Net Leverage Ratio: |
|
|
|
|
|
||
2029 Senior Notes |
$ |
285,000 |
|
|
$ |
— |
|
2026 Senior Notes |
|
— |
|
|
|
267,897 |
|
Finance lease obligations |
|
20,096 |
|
|
|
18,106 |
|
Total debt |
|
305,096 |
|
|
|
286,003 |
|
Less: Cash and cash equivalents |
|
(14,650 |
) |
|
|
(12,413 |
) |
Total net debt (a) |
$ |
290,446 |
|
|
$ |
273,590 |
|
LTM Adjusted EBITDA (b) |
$ |
89,843 |
|
|
$ |
89,491 |
|
Net Leverage Ratio (a)/(b) |
|
3.2 |
|
|
|
3.1 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105033398/en/
CPI Card Group Inc. Investor Relations:
(877) 369-9016
InvestorRelations@cpicardgroup.com
CPI Card Group Inc. Media Relations:
Media@cpicardgroup.com
Source: CPI Card Group
FAQ
What were CPI Card Group's (PMTS) Q3 2024 revenue and earnings?
How did PMTS's Debit and Credit segment perform in Q3 2024?
What is CPI Card Group's (PMTS) updated outlook for 2024?